Suggested Remedies

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Suggested Remedies

14/12/2017 12:00 amMustafa Mohamed Ibrahim

The overall outlook of the Iraqi economy may appear in some respects, but this does not prevent the existence of support and promotion as a starting point in pushing the sluggish sectors provided that the proper and efficient administration of the Iraqi economy is available.

In terms of the treatment, it starts in the general framework of two aspects are control and increase the productivity of public expenditure and increase and find new sources of public revenue, these two aspects in general are to address any deficit in the public budget and as far as it is in Iraq can take several steps such as a radical and deep financial reform.

The reduction of public spending, especially in the non-essential operational aspects, and the enhancement of investment spending, especially in some aspects of energy alternatives such as gas wasted through self-combustion, alternative and clean energy sources, and the operation of gas-powered power plants, To benefit from this wasted wealth and as an alternative to fuel imported from abroad, especially to feed power plants, as well as investment in the remnants of extracting oil as usable materials for fuel and feed power plants, which happened in the Kurdistan region, which may save billions Dollars to the public treasury.

One of the steps is to carry out a comprehensive banking reform that would allow more money to be drawn from outside Iraq through greater transparency and the application of internationally recognized standards, particularly the Basel II standards.

The implementation of the process of financial and banking reform must be accompanied by serious and comprehensive measures to combat corruption, so that the foreign investment is relatively reassuring to the existence of a favorable environment, even if minimum attract foreign investment and this requires the creation of the security situation, especially in the areas nominated for investment of various kinds.

Is it an economy that operates under the rule of public activity and the disappearance of the other sectors of the private activity and parasitic behind the public activity or is it working in the case of leadership of private activity and that the achievement of the latter requires conditions from the government The most important of which is the creation of an appropriate environment, in a planned and thoughtful manner, to lead the private activity under the principle of government, while allowing the private sector to take its real role, especially in productive sectors, not speculative activities.

The fact that the criterion of economic efficiency is applied in conjunction with the principle of social justice in granting employment to public sector enterprises requires the adoption of only one principle: social justice at the expense of the criterion of economic efficiency, which has made the public sector suffer from slackness and low efficiency Efficiency.